Cypher Inc. had the following information for the year:

4) Cypher Inc. had the following information for the year Inventory, January 1 Inventory Purchases (on account) Sales Revenue (cash sales) Cost of Inventory Sold (related to cash sales) Sales Revenue (sales on account) Cost of Inventory Sold (related to sales on account) Inventory, December 31 (count) $4,000 25,000 33,000 13,000 27,000 10,000 5,000 a) Make all necessary journal entries to record the inventory transactions for the year. b) Calculate Cypher's gross profit for the year c) Calculate Cypher's gross profit percentage and inventory turnover for the year. d) The net realizable value of Cypher's inventory at December 31 is $4,800. Does this change the financial statements? Why or why not